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ePlus Reports Third Quarter and Nine Month Financial Results
Quarter Ended December 31, 2015
- Net sales were $298.6 million, a 2.5% decline, due in part to an increase of approximately $7 million of shipments in transit at the end of the quarter, and to a higher percentage of product and services sales recorded on a net basis.
- Non-GAAP gross sales of product and services were $393.9 million, up 4.4%.
- Sales of security products and services increased to 17.8% of non-GAAP gross sales of product and services.
- Gross margin on sales of product and services expanded 20 basis points to 19.6%; consolidated gross margin increased 10 basis points to 21.5%.
- Operating expenses increased 3.4%, or $1.5 million, due primarily to growth in headcount and incremental acquisition-related costs of $0.3 million.
- Diluted earnings per share was $1.40 as compared to non-GAAP diluted earnings per share of $1.64.
Nine Months Ended December 31, 2015
- Net sales increased 3.3% to $904.8 million; technology segment net sales increased 3.2% to $876.9 million.
- Non-GAAP gross sales of products and services increased 5.7% to $1.16 billion.
- Gross profit increased 5.0% to $195.1 million, led by a 5.2% increase in technology segment gross profit.
- Consolidated gross margin increased to 21.6% from 21.2%; gross margin on sales of product and services expanded 50 basis points to 19.7%
- Diluted earnings per share was $4.74, up 8.2%, as compared to non-GAAP diluted earnings per share of $4.38 in the prior year.
HERNDON, VA, February 4, 2016 - ePlus inc. (NASDAQ:PLUS-news), a leading provider of technology solutions, today announced financial results for the three and nine months ended December 31, 2015.
“We continued to execute well in the third quarter across several key metrics, achieving mid-single digit growth in non-GAAP gross sales, slightly improved gross margins despite pricing pressures from a few large customer orders, and increasing sales of security products and services. Lower reported net sales were impacted by an increase of approximately $7 million of shipments in transit at the end of the quarter, and a greater percentage of sales of third-party software assurance, maintenance, and services recorded as net sales. Additionally, we incurred higher operating expenses year-on-year due to continued investment in customer-facing headcount to accommodate growing customer demand and costs associated with our December acquisition of IGX.”
The following information was filed by Eplus Inc (PLUS) on Wednesday, February 10, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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